Proposed Placing & Open Offer & Notice of GM
B.P. Marsh & Partners Plc today announces a conditional placing of 6,169,194 new Ordinary Shares (the “New Placing Shares”) to a new investor in the Company (the “Investor” or “PSC”), an entity in the PSC Insurance Group (“PSC Group”), at a price of 252 pence each (the “Issue Price”) to raise gross proceeds of approximately £15.5 million for the Company (the “Placing”). Additionally, the Placing will also include the transfer by B.P. Marsh Management Limited (a company wholly owned by Brian Marsh, the Executive Chairman of the Group) of 1,166,310 Existing Ordinary Shares (the “Sale Shares”) to the Investor, who has also agreed to acquire the Sale Shares at the Issue Price.
In addition, in order to provide existing Shareholders with an opportunity to participate in the proposed issue of New Ordinary Shares, the Company is intending to launch an open offer to all Qualifying Shareholders (the “Open Offer”) to give them the opportunity to subscribe for an aggregate of up to 595,238 new Ordinary Shares (“Open Offer Shares”) to raise approximately £1.5 million (before expenses) for the Company, on the basis of 1 Open Offer Share for every 21 Existing Ordinary Shares held on the Record Date, at the Issue Price. Qualifying Shareholders subscribing for their full entitlement under the Open Offer may also request additional Open Offer Shares through an Excess Application Facility.
The Directors intend to use the net proceeds of the Placing and Open Offer received by the Company to grow the Company’s existing portfolio as well as to continue investing in early stage financial services intermediary businesses with the aim of becoming the capital provider of choice for the sector.
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IMPORTANT NOTICE: Only view the Circular if you are eligible to take part in the Open Offer. The Circular is NOT to be viewed if you are currently a resident in the United States of America, Australia, Canada, Japan, the Republic of South Africa or any other jurisdiction in which viewing it would be unlawful to do so.
To view the Shareholder Circular please click here
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